Facet Wealth Review: Benefits, Fees, Pros & Cons

Welcome to my review of Facet Wealth, a financial planning and investment management service that offers personalized advice tailored to your specific needs. In this article, I will provide an overview of Facet Wealth, including its pricing model, services offered, and the pros and cons of using the platform. Whether you’re considering working with Facet Wealth or simply want to learn more about the company, this review will provide you with the information you need to make an informed decision.

Key Takeaways:

• Facet Wealth offers personalized financial planning services based on a pricing model that allows you to pay for the level of service you require.
• They provide free initial consultations to assess your needs and determine if Facet Wealth is a good fit for you.
• The range of fees at Facet Wealth can make it challenging to determine the exact costs.
• Facet Wealth is best suited for individuals juggling multiple financial goals and looking to avoid assets under management fees.
• Facet Wealth advisors are certified financial planners (CFPs) and fiduciaries, offering professional and trustworthy advice.

Where Facet Shines

Facet Wealth offers several key highlights, strengths, and advantages that set it apart from other financial planning services. These aspects make Facet an attractive option for individuals seeking personalized and comprehensive financial guidance.

1. Customized Pricing Model: One of Facet’s main strengths is its pricing model, which allows for customized fees based on the level of service required. This approach ensures that clients only pay for what they need, making it a cost-effective solution for various financial planning needs.
2. Free Initial Consultations: Facet provides free initial consultations conducted virtually via phone or video call. This allows potential clients to assess their needs, ask questions, and determine if Facet is the right fit for their financial goals.
3. Comprehensive Range of Services: Facet Wealth offers a wide range of financial planning services, covering multiple areas of personal finance. From retirement planning to tax planning, estate planning to insurance planning, Facet’s comprehensive services ensure that clients receive holistic guidance tailored to their individual needs.
4. Trusted and Professional Advisors: Facet advisors are certified financial planners (CFPs) and fiduciaries. This means that they are held to the highest standards of professionalism and are legally obligated to act in their clients’ best interests. Clients can trust that they are receiving trustworthy and reliable advice from qualified experts.
5. Tax-Loss Harvesting: Facet’s flat-fee pricing includes tax-loss harvesting, an investment strategy that can provide additional benefits for investors. This strategy involves offsetting capital gains with capital losses to minimize taxes on investment returns. By including tax-loss harvesting in their pricing, Facet offers a valuable advantage for tax-conscious investors.

These highlights, strengths, and advantages make Facet Wealth a compelling option for individuals seeking personalized and comprehensive financial planning services. With its customized pricing, free consultations, comprehensive range of services, trusted advisors, and tax-loss harvesting, Facet provides an all-encompassing solution for clients’ financial needs.

Where Facet Falls Short

While Facet Wealth has many benefits and strengths, there are some drawbacks and limitations to consider before choosing their services.

The wide range of fees at Facet can make it difficult for potential customers to determine the exact costs. While their pricing model allows for customized fees based on the level of service required, the lack of transparency in fee structures can be a disadvantage for individuals who prefer certainty in their financial planning expenses.

Facet is an online-only service, which means there are no options for in-person meetings. While virtual consultations offer convenience and flexibility, some individuals may prefer face-to-face interactions for their financial planning needs.

The account minimum for investment accounts at Facet is $500. While this is relatively lower compared to some traditional financial advisors, it may still be a barrier for investors with limited funds or those who are just starting their investment journey.

The portfolio construction at Facet is based on low-cost ETFs (exchange-traded funds). While this approach can be effective for many investors, it may not be suitable for those seeking more complex investment strategies or a wider range of investment options.

Lastly, the fees at Facet may be relatively high for individuals with low net worth. While their services are designed to cater to a wide range of clients, the pricing structure may not be as advantageous for those with smaller investment portfolios.

It is essential to consider these drawbacks and limitations when evaluating whether Facet Wealth is the right financial planning service for your needs.

Facet is Best For

If you’re looking for a financial planning service that can accommodate your unique needs, Facet Wealth is an excellent choice. Their personalized approach and comprehensive services make them a perfect fit for various individuals and situations.

Facet is best suited for busy individuals who are juggling multiple financial goals and need assistance in various aspects of their financial planning. Whether you’re saving for retirement, managing your investments, or planning for your children’s education, Facet can provide the guidance you need to navigate these complex financial decisions.

Investors who want to avoid traditional assets under management fees will also find Facet to be a great option. With their pricing model based on the level of service required, you only pay for the services you need, giving you greater control over your financial planning costs.

Facet also excels in supporting individuals during life transitions. Whether you’re starting a family, changing careers, or preparing for retirement, their experienced advisors can provide the necessary guidance and help you make informed financial decisions.

Furthermore, Facet caters to individuals with complex financial situations, such as those with stock compensation or business planning needs. Their certified financial planners have the expertise to address these unique challenges and develop tailored strategies to optimize your financial position.

To summarize, Facet Wealth is the ideal choice for individuals who are juggling multiple financial goals, want to avoid assets under management fees, need guidance during life transitions, and have complex financial situations. With their personalized approach and comprehensive services, Facet can provide the financial expertise you need to achieve your goals.

Facet at a Glance

Here’s an overview of Facet Wealth:

• Review conducted in 2024 from August to October
• Account minimum: $0
• Minimum investment account balance: $500
• Annual fees range: $2,400 to $8,000, based on the complexity of the financial plan
• One-time $250 fee for quarterly memberships (waived for annual memberships)
• Certified financial planners offer convenient scheduling options
• Cover a wide range of financial planning services and provide investment recommendations for various account types
• Average investment expense ratios: 0.07%
• Portfolios constructed using low-cost ETFs across different asset classes
• Existing accounts managed at Fidelity, Apex, TD Ameritrade, and Charles Schwab
• Customer support options include email support and scheduled phone and video support

How We Review: Our Methodology

When conducting our review of Facet Wealth, we follow a comprehensive and structured methodology to ensure that the information we provide is accurate, reliable, and unbiased. Our methodology involves gathering factual data from multiple sources and carefully analyzing various factors to assess the strengths and weaknesses of Facet Wealth.

Here’s a breakdown of the key elements we consider in our review:

1. Fees: We thoroughly evaluate the fee structure of Facet Wealth, including the annual fees, account minimums, and any additional administrative charges. This allows us to provide an in-depth understanding of the cost implications for customers.
2. Advisor Access: We consider the availability and accessibility of certified financial planners at Facet Wealth. This includes assessing the number of advisor-scheduled planning meetings and the level of personalized advice provided to clients.
3. Financial Planning Services: Our analysis covers the range and quality of financial planning services offered by Facet Wealth. We examine the areas of expertise and the comprehensiveness of the guidance provided to clients.
4. Investment Expense Ratios: We assess the average investment expense ratios at Facet Wealth to determine the cost of investment management for clients. Low expense ratios can help maximize returns for investors.
5. Portfolio Construction: We examine how Facet Wealth constructs portfolios using low-cost ETFs and across different asset classes. This helps us evaluate the diversification and risk management strategies employed by the company.
6. Brokerage Options: We consider the brokerage partners that Facet Wealth works with to manage client accounts. This includes assessing the reputation and reliability of the selected custodian institutions.
7. Supported Accounts: We analyze the types of accounts supported by Facet Wealth, such as non-retirement brokerage accounts, IRAs, solo 401(k)s, and trusts. This allows us to assess the flexibility and suitability of Facet’s services for different clients.
8. Tax Strategy: We take into account the tax strategy offered by Facet Wealth, including the inclusion of tax-loss harvesting in their pricing. This can provide potential tax benefits for clients.
9. Customer Support Options: We assess the various customer support options available, such as email support and scheduled phone and video support. This helps us evaluate the level of assistance clients can expect to receive.

In addition to evaluating these factors, we compare Facet Wealth to similar online financial planning and investment management services. This comparative analysis allows us to provide readers with a well-rounded assessment of Facet Wealth’s offerings.

Pursuing objectivity and accuracy, we conduct our review with integrity, ensuring that the information we present reflects the current state of Facet Wealth’s services and practices.

Fees and Costs

When considering the financial services offered by Facet Wealth, it’s important to understand the fees and costs associated with their services. This section provides a breakdown of the fees and pricing structure at Facet Wealth, giving you a clear understanding of what to expect.

Flat Annual Fee: Facet Wealth charges a flat annual fee based on the complexity of your financial plan. The fee ranges from $2,400 to $8,000 per year, depending on the level of service you require. This pricing model allows you to pay for the specific services you need, ensuring you’re getting value for your money.

Quarterly Memberships: If you prefer a quarterly membership, there is a one-time $250 fee. However, this fee is waived for annual memberships, providing additional cost savings.

No Minimum Balance Requirement: Facet Wealth does not have a minimum balance requirement for their services. However, to open an investment account, a minimum initial deposit of $500 is required.

Additional Administrative Fees: While Facet Wealth strives to provide comprehensive financial planning services, there may be certain services that they do not provide directly. In these cases, additional administrative fees may apply. It’s important to discuss these potential fees with your Facet advisor to ensure transparency and to understand the total cost of your financial plan.

Paying Annually: Opting for an annual payment may provide cost savings compared to quarterly payments. This is an option to consider if you’re looking to maximize your budget and reduce finance-related administrative tasks.

Transferring Assets: In some cases, transferring assets to Facet Wealth may have tax consequences. However, Facet works diligently to minimize any impacts and ensure a smooth transition. They have the expertise and knowledge to guide you through the process, making it as seamless as possible.

When evaluating financial services, understanding the associated fees and costs is crucial for making an informed decision. Facet Wealth’s transparent and customized fee structure ensures that you are only paying for the services you need. By considering the range of fees and associated costs, you can determine if Facet Wealth aligns with your financial goals and priorities.

Advisor Access and Credentials

At Facet Wealth, we understand the importance of having access to qualified financial advisors who prioritize your best interests. Our team of advisors consists of certified financial planners and fiduciaries, ensuring that you receive expert guidance throughout your financial journey.

Here are some key aspects of our advisor access and credentials:

1. Certified Financial Planners: Our advisors hold the prestigious Certified Financial Planner (CFP) designation, which requires extensive knowledge and adherence to high ethical standards. This qualification demonstrates their expertise in various areas of financial planning.
2. Fiduciary Responsibility: As fiduciaries, our advisors are legally obligated to act in your best interests. This means that we always put your needs and goals first when providing financial advice and recommendations.
3. Personalized One-on-One Consultations: We believe in the power of personalized advice. Our advisors are available for one-on-one consultations, allowing you to discuss your unique financial circumstances, goals, and concerns.
4. Flexible Scheduling: We understand that finding time for financial planning can be challenging. That’s why our advisors offer flexible scheduling options, including appointments outside of regular working hours, to accommodate your busy lifestyle.
5. Ongoing Support: Your financial journey doesn’t stop after your initial plan is created. Our advisors provide ongoing support and are available to answer your questions, make updates to your plan as needed, and provide guidance during various life events.

The expertise and commitment of our advisors allow us to provide you with comprehensive financial guidance tailored to your specific needs. We are here to help you make informed decisions and navigate the complexities of your financial life.

Our dedicated team of advisors is ready to assist you on your financial journey. Whether you need assistance with retirement planning, tax strategies, estate planning, or any other aspect of your financial life, our advisors are here to support you every step of the way.

Financial Planning Services

At Facet Wealth, we pride ourselves on offering comprehensive financial planning services to help you achieve your goals and secure your financial future. Our team of certified financial planners is dedicated to providing you with personalized guidance and advice tailored to your individual needs. Whether you’re planning for retirement, need assistance with tax planning, or want to create an estate plan, we’re here to help.

Our range of financial planning services includes:

• Retirement planning: We’ll help you create a roadmap for a comfortable retirement.
• Tax planning: Our experts will assist you in optimizing your tax strategy.
• Estate planning: We’ll work with you to create a plan to protect and distribute your assets.
• Real estate planning: Whether you’re buying or selling property, we’ll guide you through the process.
• Education planning: We’ll help you save and prepare for your children’s education expenses.
• Insurance planning: Our advisors will ensure you have the right coverage to protect your loved ones.
• Family planning: We’ll help you navigate important financial decisions related to starting a family.

At Facet Wealth, we understand that everyone’s financial situation is unique. That’s why we offer personalized advice and guidance tailored to your specific needs. Our online portal serves as a hub for tracking your progress, uploading important documents, and receiving updates on your financial plan.

Let us help you navigate the complexities of financial planning and provide you with the comprehensive guidance you need to achieve your financial goals.

Investment Expense Ratios

When considering investment options, it’s essential to take into account the expense ratios associated with mutual funds, index funds, and exchange-traded funds (ETFs). These expense ratios represent the annual fees charged by these investment vehicles, which can impact your overall returns.

Facet Wealth understands the importance of minimizing fees to maximize portfolio returns. With an average expense ratio of around 0.07%, Facet offers low-cost investment options that can benefit investors over the long term.

By keeping expense ratios low, Facet ensures that more of your investment growth stays in your pocket. This allows you to potentially achieve higher returns and reach your financial goals faster.

When comparing investment options, it’s crucial to consider expense ratios alongside other factors such as performance, diversification, and risk. Lower expense ratios can make a significant difference in your investment returns over time.

By offering investment options with expense ratios averaging 0.07%, Facet Wealth provides investors with cost-efficient choices that align with their financial goals.

Portfolio Construction

When it comes to portfolio construction, Facet Wealth adopts a strategic approach by utilizing low-cost ETFs across various asset classes. By covering a wide range of investments, including U.S. stocks, developed non-U.S. stocks, emerging markets, government bonds, mortgage bonds, corporate bonds, asset-backed securities, and commercial mortgage-backed securities, Facet Wealth aims to achieve diversification and minimize fees.

Facet’s investment committee takes an active role in continuously reviewing and adjusting the investment models on a quarterly basis, ensuring that portfolios are aligned with clients’ financial goals and market conditions. This proactive approach allows Facet to provide clients with optimized investment strategies and potentially higher returns.

Investment Example

“At Facet Wealth, we understand the importance of constructing well-diversified portfolios for our clients. By using low-cost ETFs across various asset classes, our goal is to maximize returns while minimizing expenses. For example, let’s take a look at the investment allocation of a hypothetical client:

Asset Class	Percentage Allocation
U.S. Stocks	40%
Developed Non-U.S. Stocks	20%
Emerging Markets	10%
Government Bonds	15%
Mortgage Bonds	5%
Corporate Bonds	5%
Asset-Backed Securities	2.5%
Commercial Mortgage-Backed Securities	2.5%

This investment example illustrates how Facet Wealth strategically allocates assets across different classes to achieve diversification and optimize returns for clients. By carefully analyzing market conditions and client preferences, we create portfolios tailored to individual financial goals.”

Brokerage Options

When it comes to managing your accounts, Facet Wealth offers the convenience of working with some of the most reputable brokerage partners in the industry. We seamlessly integrate with Fidelity, Apex, TD Ameritrade, and Charles Schwab to provide our clients with a comprehensive account management experience.

For new accounts, Facet Wealth partners with Apex and Fidelity. This ensures that our members can continue using their preferred brokerage partners while benefiting from our personalized financial planning services.

Whether you have workplace retirement plans or stock option plans, our team will provide you with investment account recommendations tailored to your specific needs and goals.

Partnering with well-established custodians allows us to offer you a seamless and efficient account management experience, giving you more time to focus on what matters most to you.

Accounts Supported

Facet Wealth supports a wide range of account types to cater to different financial situations and goals. Whether you’re looking for help with your non-retirement brokerage accounts, IRAs, solo 401(k)s, or trusts, Facet has got you covered. Their team of certified financial planners will provide personalized guidance and advice to optimize these accounts for your financial success.

In addition to directly managing various account types, Facet also offers investment account recommendations for workplace retirement plans and stock option plans. This comprehensive support ensures that you have access to the best investment options and strategies for your specific needs.

Supported Account Types:

• Non-retirement brokerage accounts
• IRAs
• Solo 401(k)s
• Trusts

Facet Wealth’s commitment to providing investment options and guidance for different account types makes them a versatile and valuable resource for individuals seeking personalized financial planning and investment management.

Conclusion

After reviewing Facet Wealth, I can conclude that they offer a unique pricing model that allows clients to pay for the level of service they require. This flexibility is a major advantage, as it ensures that you only pay for the specific financial planning services you need.

In addition, Facet Wealth provides comprehensive financial planning services and personalized advice from certified financial planners. This level of expertise ensures that clients receive reliable and trustworthy guidance for their specific financial goals and situations. The inclusion of certified financial planners as advisors sets Facet Wealth apart from other online financial planning services.

Furthermore, Facet Wealth boasts low average investment expense ratios, which can greatly benefit investors over the long term. By minimizing fees, clients can maximize their portfolio returns and achieve their financial goals more effectively.

Facet Wealth’s portfolio construction strategy also focuses on minimizing fees and maximizing diversification. By utilizing low-cost ETFs across various asset classes, they can offer well-diversified portfolios to their clients.

Overall, Facet Wealth is an excellent choice for individuals who are juggling multiple financial goals and seeking customized financial guidance. Their tailored approach, low fees, and professional expertise make them a strong contender in the online financial planning industry.

FAQ

What is Facet Wealth?

Facet Wealth is an online financial planning and investment management service that offers personalized advice and guidance from certified financial planners (CFPs) to help individuals meet their financial goals.

How does Facet Wealth determine its fees?

Facet Wealth offers a pricing model based on the level of service required, allowing you to pay for what you need. Fees range from ,400 to ,000 per year, depending on the complexity of the financial plan.

How can I get started with Facet Wealth?

To get started with Facet Wealth, you can schedule a free initial consultation. This consultation is conducted virtually via phone or video call and provides an opportunity to assess your needs and determine if Facet is a good fit for you.

What types of accounts does Facet Wealth support?

Facet Wealth supports various types of accounts, including non-retirement brokerage accounts, IRAs, solo 401(k)s, and trusts.

What services does Facet Wealth provide?

Facet Wealth offers comprehensive financial planning services covering a wide range of areas, including retirement planning, tax planning, estate planning, real estate planning, education planning, insurance planning, and family planning.

Are Facet advisors certified financial planners (CFPs)?

Yes, advisors at Facet Wealth are certified financial planners (CFPs) and fiduciaries. They provide trustworthy and professional advice tailored to your individual needs.

How are portfolios constructed at Facet Wealth?

Portfolios at Facet Wealth are constructed using low-cost ETFs (exchange-traded funds) across different asset classes. The focus is on minimizing fees and maximizing diversification.

Can Facet Wealth manage my existing accounts at other brokerages?

Yes, Facet Wealth can manage existing accounts at Fidelity, Apex, TD Ameritrade, and Charles Schwab. They can also open new accounts with Apex and Fidelity.

Does Facet Wealth offer tax strategy services?

Yes, tax-loss harvesting is included in Facet Wealth’s flat-fee pricing. This feature helps minimize taxes and optimize your investment returns.

What customer support options does Facet Wealth provide?

Facet Wealth offers email support and scheduled phone and video support. Their advisors are available to answer questions and provide ongoing support.

Is Facet Wealth a good fit for me?

Facet Wealth is best suited for individuals juggling multiple financial goals and in need of assistance with various aspects of their financial planning. It is also a good fit for investors who want to avoid assets under management fees.

Our Friends

• https://www.businessinsider.com/personal-finance/facet-wealth-review
• https://www.nerdwallet.com/reviews/investing/advisors/facet-wealth-review
• https://www.forbes.com/advisor/investing/financial-advisor/facet-review/